Glossary
Smart contract
A program on a ledger that runs when someone pays to call it.
A smart contract is code stored on a chain, with a balance and rules. It will do exactly what it was written to do, including the bugs. There is no manager to call if you send to the wrong function.
Read what you are signing. An explorer will show the contract address. Copying an address from a screenshot in a group chat is how people fund the wrong program.
See also
- ApprovalPermission for a smart contract to move tokens from your address, often wider than people realise.
- DeFiApps that move coins with smart contracts instead of a company helpdesk.
- GasThe fee paid to include a transaction on a busy network, priced like an auction.
- EthereumA public ledger that can run small programs, not only a simple coin ledger.
